Report Predicts Demand for Architectural Paint in Asia-Pacific to Grow 5.2% Annually
CLEVELAND — According to a new study, demand for architectural paint in the Asia-Pacific region is forecast to increase 5.2% per year through 2022 to 16.4 million metric tons, valued at $36.2 billion. The Asia-Pacific architectural paint market is the largest and fastest growing architectural paint regional market. Rising incomes and urbanization will support robust residential and nonresidential building construction activity. Growth in the region through 2022 is expected to decelerate from the rapid gains of the last decade, due primarily to a significant slowdown in China, the largest market in the region and the world. India, the second largest market in the region (and third largest globally), will be the fastest growing major market in the world through 2022. These and other trends are presented in Global Architectural Paint, 13th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
North America is expected to post healthy growth through 2022, as both residential and nonresidential construction activity continues to advance in the United States. As of 2017, paint demand in the residential remodel and repaint market and the nonresidential market surpassed pre-recession peaks. Demand in the new residential market will continue to recover through 2022.
Western Europe, on the other hand, will post the slowest growth of any world region. Leading manufacturers based in Western Europe are seeking export opportunities and other expansion possibilities in the Africa and Mideast region.
Global Architectural Paint, 13th Edition is available from The Freedonia Group. For further details, contact Corinne Gangloff at 440/684.9600 or e-mail firstname.lastname@example.org.